Electronic warfare market is estimated to be valued at US$ 27.35 Billion in 2031; 5.8% CAGR Projected- Coherent Market Insights

A newly published report by Cohere.nt Market Insights reveals a sustainable growth in opportunities in the electronic warfare market.

Coherent Market Insights’ analyst projected the electronic warfare market to be valued at US$ 27.35 Bn in 2031. It is expected to exhibit a CAGR of 5.8% over the forecast period 2024 -2031.

Market Dynamics:

The electronic warfare market is witnessing high growth. This is owing to increasing defense budget allocations by governments globally and rising geopolitical tensions. The growing investments in development of modern and sophisticated weapon systems have fuelled the demand for electronic warfare systems.

Moreover, the increasing utilization of electronic warfare systems for defense application also fuels market growth. Systems such as intelligence, surveillance reconnaissance and airborne communication is expected to support market growth over the forecast period.

Market Trends:

• Cognitive electronic warfare technology is a key trend driving market growth. It enables the dynamic adaptation of electronic warfare systems by recognizing, understanding, deciding and acting on the environment.

• Increasing integration of artificial intelligence in electronic warfare systems is another key trend witnessed in the market. AI helps in automating electronic warfare procedures such as sensing, data acquisition, data fusion, threat detection and tactical decision making.

Electronic Warfare Market Opportunities

• The airborne electronic warfare segment is expected to hold a prominent share of the market during the forecast period. This is due to increasing adoption of advanced aircraft such as fighter jets, transport aircraft, and Unmanned Aerial Vehicles (UAVs).

• The cyber electronic warfare segment is anticipated to witness lucrative growth opportunities in the coming years. This is due to increasing warfare moving to the cyber domain, military organizations are heavily investing in cyber weapons and cyber defense systems. Advanced persistent threats from state-sponsored hacking groups are also propelling the demand for offensive and protective cyber capabilities.

• Upgradation of legacy systems with networked electronics and adoption of networking technologies like 5G also also fuels market growth.

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Key Market Takeaways

• The global electronic warfare market is anticipated to witness a CAGR of 5.8% during the forecast period 2024-2031. This is due to increasing geo-political conflicts and rising defense spending of major economies.

• On the basis of platform, the airborne electronic warfare segment is expected to hold a dominant position. This is due to increasing procurement of advanced fighter aircraft and UAVs by militaries worldwide.

• On the basis of capability, the electronic protection segment is anticipated to dominate the market over the forecast period. This is due to rising threats from enemy radar and missiles that necessitate effective self-protection suites.

• North America is expected to hold a dominant position over the forecast period. This is due to heavy investments made by US and Canada in developing innovative electronic warfare technologies.

Competitor Insights

Key players operating in the electronic warfare market include

• Lockheed Martin Corporation
• Northrop Grumman Corporation
• SAAB AB
• Elbit Systems Ltd.
• BAE Systems PLC
• Israel Aerospace Industries Ltd.
• L3Harris Technologies Inc.
• Leonardo SpA
• Raytheon Technologies Corporation

Recent Developments: 

• In July 2022, Krauss-Maffei Wegmann (KMW), Elbit Systems Land, and Elbit Systems Deutschland signed a strategic partnership agreement for rocket artillery. Elbit Systems Land will offer a broad variety of Multiple Launch Rocket System (MLRS) capabilities, including practice ammo and long-range rockets.

• In September 2021, Northrop Grumman’s Next Generation Electronic Warfare (NGEW) system and AN/APG-83 Scalable Agile Beam Radar (SABR) demonstrated full interoperability during Exercise Northern Lightning. The experiment took place in a genuine, contested electromagnetic spectrum context.

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.